Lightspeed POS Inc, a Montréal-based point-of-sale software solution for retailers and restaurateurs, has raised about $207 million (US$166 million) in Series D financing. Caisse de dépôt et placement du Québec, which co-led Lightspeed's $80 million Series C in 2015, also led the Series D. Investissement Québec, iNovia Capital and Silicon Valley Bank joined the round. Lightspeed, which has brought in US$292 million of funding since its launch in 2005 by CEO Dax Dasilva, said the proceeds of the latest round will back further innovation and expansion. The company now operates in over 100 countries, processes more than US$15 billion in transactions annually, and has nearly 50,000 customers.
4 min read · 18 October 2017
Onex Corp has so far raised almost US$6.7 billion for its fifth flagship private equity fund, the firm said in a Securities & Exchange Commission filing. The Toronto investor also increased the target for Onex Partners V to US$7 billion from an earlier US$6.5 billion, possibly on the strength of the first close in July. At that time, Fund V had secured US$5.2 billion, or 80 percent of the original goal. With US$6.7 billion in the bank, the fund is already the biggest raised by Onex in its 33-year history. While not yet closed, it is now 17 percent larger than its predecessor, which collected US$5.7 billion in 2014.
2 min read · 17 October 2017
Osisko Gold Royalties Ltd (TSX, NYSE: OR) has launched a $260 million bought deal of convertible senior unsecured debentures. The deal, expected to close in November, includes an agreement by the Public Sector Pension Investment Board (PSP Investments) to purchase $100 million of debentures in a private offering. An option has been granted to underwriters to increase the private offering by a further $40 million. Montréal-based Osisko said the proceeds will be used in part to acquire precious metal royalties and streams. Earlier this year, Osisko bought a precious metals portfolio from U.S. private equity firm Orion Mine Finance Group for $1.13 billion.
4 min read · 16 October 2017
Lone Wolf Technologies has acquired Instanet Solutions, a London, Ontario-based provider of transaction management, electronic forms, and e-signature solutions for the real estate industry. No financial terms were disclosed. Cambridge, Ontario-based Lone Wolf said the acquisition supplements its suite of residential real estate software solutions and "paves the way for the industry’s first fully integrated end-to-end solution." It added that it plans to invest "millions of dollars" in the combined platforms. Led by CEO Patrick Arkeveld, Lone Wolf has been backed by U.S. private equity firm Vista Equity Partners since 2015. Vista increased its investment last year.
4 min read · 16 October 2017
Naturally Splendid Enterprises Ltd (TSX-V: NSP) has entered into a draw-down equity facility of up to $6 million with Alumina Partners, a U.S. private equity firm. The funds raised will be used by the company to back its acquisition of Canadian meal replacement products business Prosnack Natural Foods Inc, announced in August, and for working capital purposes. Vancouver-based Naturally Splendid is a biotechnology and consumer products company focused on developing and producing hemp-derived, bioactive ingredients, nutrient dense foods, and related goods. It is led by CEO Dave Eto.
5 min read · 16 October 2017
A new report from the Business Development Bank of Canada (BDC) identifies six emerging trends that pose both challenges and opportunities to the owners of Canadian small businesses. In Future-Proof Your Business: Adapting to Demographic and Technology Trends, BDC highlights the results of a survey of 1,413 business leaders about the influence of workforce and technological changes. The survey found, for example, that while small businesses that have adopted digital technologies have seen major benefits to customer experience, revenue growth, cost efficiency and productivity, current levels of adoption remain "quite low" overall.
4 min read · 16 October 2017
2 min read · 16 October 2017
Calgary biotechnology company Resverlogix Corp (TSX: RVX) has entered into a private placement deal with China's Shenzhen Hepalink Pharmaceutical Co Ltd, an existing investor. The deal, which is expected to generate gross proceeds of $87 million, will result in Hepalink holding as much as 45.16 of the company's outstanding shares. Eastern Capital, an existing investor that is not joining the private placement, will see its interest reduced. Founded in 2001, Resverlogix develops treatments for cardiovascular disease and other conditions. It said the funds raised will be used to repay a $68.8 million secured loan, fund R&D, and support other priorities.
6 min read · 16 October 2017
Frontera Energy Corp (TSX: FEC), formerly known as Pacific Exploration & Production Corp, has agreed to acquire a 36.36 percent interest in Pacific Midstream Ltd (PML), a Colombian operator of pipeline and power transmission lines. Frontera agreed to buy the stake from International Finance Corp for $225 million in cash. With the deal's close, Frontera, a Canadian explorer and producer of crude oil and natural gas in Latin America, will own 100 percent of PML and be able to reduce transportation costs and related commitments. Frontera closed a US$500 million restructuring deal with Canadian private equity firm Catalyst Capital Group and other creditors in 2016.
3 min read · 16 October 2017
U.S. mid-market lender Antares Capital said it is serving as administrative agent and joint lead arranger on a US$111 million senior secured credit facility to support the growth and refinancing of Movati Athletic Group by Norwest Equity Partners. Based in Windsor, Ontario, Movati is a health club operator that offers fitness classes, pools, basketball courts, women’s-only sections, childcare, weight training and cardio to over 95,000 members. It has been backed by Norwest, a U.S. private equity firm, since 2014. Antares, acquired by Canada Pension Plan Investment Board in 2015, said Movati is "uniquely positioned to gain share in the premium health club market in Canada."
2 min read · 16 October 2017
